Analyst Says Bitcoin’s Rally Will Continue: “BTC’s Next Target is This Level!”
Bitcoin, the leading cryptocurrency, rose to $44,400 yesterday, upsetting the bears who expected a decline.
While there were increases in BTC, investors in short positions were also left in reverse and liquidated.
At this point, according to data from CoinGlass, $262.41 million was liquidated in crypto futures in the last 24 hours. Of this, $169.8 million consisted of short positions and $92.6 million consisted of long positions.
Among liquidated short positions, Bitcoin ranked first with $108.9 million. After BTC, $33.7 million was liquidated in Ethereum (ETH), while ORDI followed ETH with $15.3 million.
Looking at the liquidation amounts on the exchanges, Binance saw a total liquidation of $99.3 million, OKX $91.9 million, and Huobi $32.1 million.
At this point, analysts commenting on the rise in Bitcoin pointed out that there were various factors in this rise. Analysts noted that among these factors, increasing optimism that the SEC will approve a spot Bitcoin ETF, pricing in expected interest rate cuts from the FED, and support from Bitcoin-friendly leaders are the most important.
Stating that investors opened $200 million BTC futures positions in Bitcoin over the weekend, analysts said that this is an indicator of the high demand for Bitcoin.
Speaking to Coindesk, senior technical analyst Julius de Kempenaer stated that Bitcoin could go up to $48,000 in this rally and said:
“The preparations for this rally in Bitcoin began in the week corresponding to 23.10.2023, when BTC managed to break the stubborn resistance at $ 30,000 levels.
The next expected resistance level on the BTC weekly chart is $48,000, the local top seen at the end of March 2022.
As a result, BTC’s trend is clearly bullish. At this point, the first target on the rise is around $48,000 and the support is close to $38,000.”
Bitcoin continues to trade at $43,749 at the time of writing.
*This is not investment advice.